COPT Leases Another 51,000 Square Feet in Blue Bell, PA

COPT Leases Another 51,000 Square Feet in Blue Bell, PA
Business Wire
COLUMBIA, Md. -- November 12, 2012
Corporate Office Properties Trust (COPT or the Company) (NYSE: OFC) has
executed a lease with a commercial tenant that serves the pharmaceutical and
biotech industries for 51,000 square feet at Hillcrest II, the Company’s most
recent redevelopment start at its business park in Blue Bell, Pennsylvania.
The building, which will comprise 184,000 square feet upon completion, was 28%
leased at October 17, 2012, and is now approximately 55% leased. The Company
anticipates the tenant will occupy the building during the second quarter of
2013.
As a result of this lease, the Company’s redevelopment pipeline, which was 36%
leased at October 17, 2012, is now approximately 54% leased.
Company Information:
COPT is an office REIT that focuses primarily on strategic customer
relationships and specialized tenant requirements in the U.S. Government and
Defense Information Technology sectors and Data Centers serving such sectors.
The Company acquires, develops, manages and leases office and data center
properties that are typically concentrated in large office parks primarily
located adjacent to government demand drivers and/or in strong markets that we
believe possess growth opportunities. As of September 30, 2012, the Company’s
consolidated portfolio consisted of 206 office properties totaling 18.6
million rentable square feet. The Company’s portfolio primarily consists of
technically sophisticated buildings in visually appealing settings that are
environmentally sensitive, sustainable and meet unique customer requirements.
COPT is an S&P MidCap 400 company and more information can be found at
www.copt.com.
Forward-Looking Information:
This press release may contain “forward-looking” statements, as defined in
Section 27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934, that are based on the Company’s current expectations,
estimates and projections about future events and financial trends affecting
the Company. Forward-looking statements can be identified by the use of words
such as “may,” “will,” “should,” “could,” “believe,” “anticipate,” “expect,”
“estimate,” “plan” or other comparable terminology. Forward-looking statements
are inherently subject to risks and uncertainties, many of which the Company
cannot predict with accuracy and some of which the Company might not even
anticipate. Accordingly, the Company can give no assurance that these
expectations, estimates and projections will be achieved. Future events and
actual results may differ materially from those discussed in the
forward-looking statements.
Important factors that may affect these expectations, estimates, and
projections include, but are not limited to:
*general economic and business conditions, which will, among other things,
affect office property and data center demand and rents, tenant
creditworthiness, interest rates, financing availability and property
values;
*adverse changes in the real estate markets including, among other things,
increased competition with other companies;
*governmental actions and initiatives, including risks associated with the
impact of a government shutdown or budgetary reductions or impasses, such
as a reduction in rental revenues, non-renewal of leases, and/or a
curtailment of demand for additional space by strategic tenants;
*the Company’s ability to sell properties included in its Strategic
Reallocation Plan;
*the Company’s ability to borrow on favorable terms;
*risks of real estate acquisition and development activities, including,
among other things, risks that development projects may not be completed
on schedule, that tenants may not take occupancy or pay rent or that
development or operating costs may be greater than anticipated;
*risks of investing through joint venture structures, including risks that
the Company’s joint venture partners may not fulfill their financial
obligations as investors or may take actions that are inconsistent with
the Company’s objectives;
*changes in the Company’s plans or views of market economic conditions or
failure to obtain development rights, any of which could result in
recognition of impairment losses;
*the Company’s ability to satisfy and operate effectively under Federal
income tax rules relating to real estate investment trusts and
partnerships;
*the Company's ability to achieve projected results;
*the dilutive effect of issuing additional common shares; and
*environmental requirements.
The Company undertakes no obligation to update or supplement any
forward-looking statements. For further information, please refer to the
Company’s filings with the Securities and Exchange Commission, particularly
the section entitled “Risk Factors” in Item 1A of the Company’s Annual Report
on Form 10-K for the year ended December 31, 2011 and in our Current Report on
Form 8-K dated October 10, 2012.
Contact:
Corporate Office Properties Trust
IR Contacts:
Stephanie Krewson
VP, Investor Relations
443-285-5453
stephanie.krewson@copt.com
or
Michelle Layne
Investor Relations Specialist
443-285-5452
michelle.layne@copt.com